The healthcare sector is vast and growing faster than ever. In the last year alone, the health and medical industries saw exponential growth and ground-breaking R&D to help counter the effects of Coronavirus. Businesses within the healthcare sector spend considerable time and money conducting extensive research and development to develop advanced products and solutions that can improve the quality of health products and medical services. From producing innovative pharmaceutical products to developing leading-edge medical technology, and testing new or improved methods and practices, the scope of R&D within the healthcare and medical sectors is wide and far-reaching.
Innovative Healthcare Products
The Covid-19 pandemic has led to a sudden and drastic surge in demand for healthcare products, especially those that offer smart healthcare solutions. So much so that the smart healthcare products market is expected to reach $245,550 million by 2026. These innovative healthcare products are designed to improve the quality of life in the general population by providing an accurate diagnosis, enhanced treatment, and monitoring solutions. Some of the examples of innovative healthcare products include smart pills, electronic medical records management tools, telemedicine, etc. Given the complex nature of these healthcare products, they require prototyping and repeated testing before they are sent for approval. Hence, research and development are an integral part of an effective and successful new healthcare product development process.
R&D in Healthcare
Due to the dynamic nature of the healthcare industry, businesses within this sector need to constantly conduct research and trials to test and evaluate the efficacy of their product. This is why, a major chunk of their budget is dedicated to R&D. Even when it comes to investment, almost half of all the UK R&D expenditure is spent in the healthcare sector. As this area includes a wide range of products, services, and technological advancement, the extent of R&D happening within this sector is difficult to estimate. Regardless of the nature and scope of R&D within healthcare, the good thing is, it is always aimed towards making a positive impact on the lives of people everywhere.
R&D Tax Credits for those Within the Healthcare Industry
Since the healthcare industry is heavily dependent on R&D, most of which is extensive and expensive, there is plenty of funding available for those operating within this sector, from both government and private sources. Even so, many of these businesses are unaware of the government’s R&D Tax relief scheme, which can help them claim substantial amounts for their pioneering R&D and healthcare innovation. Some of the areas that could be eligible include:
- Development and testing of new medication and formulae
- Design and development of algorithms and software for monitoring and reporting systems
- Design and development of orthopaedic instruments
- Improving the performance and efficiency of medical devices
- Design and development of medical engineering solutions involving automation and robotics
- Conducting clinical trials, tests, and chemical research
- Development and testing of medical prototypes
- Extending shelf life and improving the stability of pharmaceutical substances
If your business has been conducting R&D in the healthcare and medical industries, we can help you get cashback for your innovative products or services through the R&D Tax Credit scheme. Datafox has an award-winning team of R&D Tax Credit experts who have helped countless businesses make successful claims for their innovation. You can get in touch with us to learn more about what qualifies as healthcare R&D, and we’ll be happy to guide you.